diff --git a/app/views/budgets/executions/_investments.html.erb b/app/views/budgets/executions/_investments.html.erb
index 0c96a58e7..b04639a50 100644
--- a/app/views/budgets/executions/_investments.html.erb
+++ b/app/views/budgets/executions/_investments.html.erb
@@ -2,32 +2,38 @@
   <h4 id="<%= heading.name.parameterize %>">
     <%= heading.name %>
   </h4>
-  <div class="row" data-equalizer-on="medium" data-equalizer>
-    <% winner_investments(heading).each do |investment| %>
-      <div class="small-12 medium-6 large-4 column end margin-bottom">
-        <div class="budget-execution">
-          <%= link_to budget_investment_path(@budget, investment, anchor: "tab-milestones"), data: { 'equalizer-watch': true } do %>
-            <% investment.milestones.order(publication_date: :desc).limit(1).each do |milestone| %>
-              <% if milestone.image.present? %>
-                <%= image_tag milestone.image_url(:large), alt: milestone.image.title %>
-              <% elsif investment.image.present? %>
-                <%= image_tag investment.image_url(:thumb), alt: investment.image.title %>
-              <% else %>
-                <%= image_tag Rails.root.join('/budget_execution_no_image.jpg'), alt: investment.title %>
+  <% if winner_investments(heading).any? %>
+    <div class="row" data-equalizer-on="medium" data-equalizer>
+      <% winner_investments(heading).each do |investment| %>
+        <div class="small-12 medium-6 large-4 column end margin-bottom">
+          <div class="budget-execution">
+            <%= link_to budget_investment_path(@budget, investment, anchor: "tab-milestones"), data: { 'equalizer-watch': true } do %>
+              <% investment.milestones.order(publication_date: :desc).limit(1).each do |milestone| %>
+                <% if milestone.image.present? %>
+                  <%= image_tag milestone.image_url(:large), alt: milestone.image.title %>
+                <% elsif investment.image.present? %>
+                  <%= image_tag investment.image_url(:thumb), alt: investment.image.title %>
+                <% else %>
+                  <%= image_tag Rails.root.join('/budget_execution_no_image.jpg'), alt: investment.title %>
+                <% end %>
               <% end %>
-            <% end %>
-            <div class="budget-execution-info">
-              <div class="budget-execution-content">
-                <h5><%= investment.title %></h5>
-                <span class="author"><%= investment.author.name %></span>
+              <div class="budget-execution-info">
+                <div class="budget-execution-content">
+                  <h5><%= investment.title %></h5>
+                  <span class="author"><%= investment.author.name %></span>
+                </div>
+                <p class="price margin-top text-center">
+                  <strong><%= investment.formatted_price %></strong>
+                </p>
               </div>
-              <p class="price margin-top text-center">
-                <strong><%= investment.formatted_price %></strong>
-              </p>
-            </div>
-          <% end %>
+            <% end %>
+          </div>
         </div>
-      </div>
-    <% end %>
-  </div>
+      <% end %>
+    </div>
+  <% else %>
+    <div class="callout primary clear">
+      <%= t("budgets.executions.no_winner_investments") %>
+    </div>
+  <% end %>
 <% end %>
diff --git a/config/locales/en/budgets.yml b/config/locales/en/budgets.yml
index 37d364305..b342aaf86 100644
--- a/config/locales/en/budgets.yml
+++ b/config/locales/en/budgets.yml
@@ -179,6 +179,7 @@ en:
       page_title: "%{budget} - Milestones"
       heading: "Participatory budget Milestones"
       heading_selection_title: "By district"
+      no_winner_investments: "No winner investments for this heading"
       filters:
         label: "Project's current state"
         all: "All"
diff --git a/config/locales/es/budgets.yml b/config/locales/es/budgets.yml
index 9547c235a..7f1e03914 100644
--- a/config/locales/es/budgets.yml
+++ b/config/locales/es/budgets.yml
@@ -179,6 +179,7 @@ es:
       page_title: "%{budget} - Seguimiento de proyectos"
       heading: "Seguimiento de proyectos"
       heading_selection_title: "Ámbito de actuación"
+      no_winner_investments: "No hay proyectos de gasto ganadores para esta partida"
       filters:
         label: "Estado actual del proyecto"
         all: "Todos"
diff --git a/spec/features/budgets/executions_spec.rb b/spec/features/budgets/executions_spec.rb
index 2dd9b5954..6c3b6b6b1 100644
--- a/spec/features/budgets/executions_spec.rb
+++ b/spec/features/budgets/executions_spec.rb
@@ -27,6 +27,23 @@ feature 'Executions' do
     expect(page).not_to have_content(investment4.title)
   end
 
+  scenario 'render a message for headings without winner investments' do
+    empty_group   = create(:budget_group, budget: budget)
+    empty_heading = create(:budget_heading, group: empty_group, price: 1000)
+
+    visit budget_path(budget)
+    click_link 'See results'
+
+    expect(page).to have_content(heading.name)
+    expect(page).to have_content(empty_heading.name)
+
+    click_link 'Milestones'
+    click_link "#{empty_heading.name}"
+
+    expect(page).to have_content('No winner investments for this heading')
+  end
+
+
   context 'Images' do
     scenario 'renders milestone image if available' do
       milestone1 = create(:budget_investment_milestone, investment: investment1)